Life insurance may well be one of the most important purchases you can make. Canada life insurance can protect you when tragedy strikes.
We might not like to think about it, but tragedy can strike anyone at any time. Being prepared can save your loved ones from financial disaster.
The emotional loss they must bear is tragic enough. Compounding this loss with financial hardship can tear a family apart.
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Whole Life Insurance Quotes Canada
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The right financial plan means the difference between leaving your family well set financially and struggling to cover debts and other financial obligations.
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In the event of your death, life insurance benefits provide your family with financial security and the means to cover:
Many people do not understand the difference between term life coverage and a whole life policy. A simple way to think of it is to think of the difference between renting a home and buying one.
When you rent a house or apartment, you make monthly payments and never really have anything to show for all of the money you dished out. At any time your landlord can cancel your lease or refuse to renew and you are out in the cold. You are left with nothing.
A whole life insurance Canada policy is more like buying a house. As long as you make your monthly payments, no-one can throw you out, or cancel your mortgage. Eventually, your mortgage will be paid and the house is yours to keep for as long as you like.
If you do decide to cancel your mortgage – sell your house, you have all of the equity between the value of the home and what you have already paid off. The same goes with a whole life policy.
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As with a mortgage, a whole life policy carries service charges and fees. So, the amount you put in is not the same as the amount you get back, but the longer you hold the policy, the more you will get back.
Just as with your house, the more mortgage payments you make, the more equity you build. And, like your house, you can use your whole life insurance policy as collateral for a loan or business venture.
Whole life insurance quotes Canada can vary greatly. Your age, coverage amount and type of policy are all factors. The older you are when you buy your policy, the higher the premiums will be. Universal and whole life policies also have different rules and regulations.
Things they all have in common, though are:
Choosing the right Canadian health insurance company is just as important as choosing the right type of coverage.
One company may not have the options you need for your situation. This means you may not be able to take full advantage of all of the benefits a whole life policy can offer.
An experienced Canada life insurance agent specializing in whole life coverage will be able to help you choose the policy for your particular needs. He can also help you choose the best beneficiary. Your spouse will most likely be your first choice, but if you do not have a spouse, you have some complicated choices to make.
Beneficiaries can be changed if the need arises, so this really isn't a point you have to stress about when you buy your policy, but it is something to consider. That is also why your whole life insurance policy is such an important part of your estate planning.
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Whichever type of policy you choose, one thing is for sure, a good Canada life insurance policy can make a huge difference in the lives of your loved ones.
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